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Reports India

Indian stock market and companies daily report (June 09, 2014, Monday)

June 9, 2014, Monday, 05:59 GMT | 00:59 EST | 09:29 IST | 12:59 SGT
Contributed by Angel Broking


Indian markets are expected to open on a positive note following SGX Nifty and Asian markets which are trading in positive territory.

The U.S. market mostly higher over the course of the trading day on Friday reacting positively to the monthly U.S. jobs report. The Labor Department report stated that non-farm payroll employment increased by 217,000 jobs in May against the expectation of 215,000 jobs, after jumping by a revised 282,000 jobs in April. Traders also continued to digest Thursday decision by the European Central Bank to cut its benchmark interest rate by 10 basis points to 0.15% and lower its deposit rate to negative 0.1%. Meanwhile, European stocks rallied for a second straight session Friday as investors cheered unprecedented easing measures from the ECB along with an upbeat U.S. jobs report.

Back home, Indian indexes hit fresh record closing highs on Friday supported by continued foreign fund inflows on hopes the new central government which is expected to announce key reforms to accelerate investment and boost growth.


Markets Today

The trend deciding level for the day is 25,315 / 7,558 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,500 - 25,605 / 7,618 - 7,653 levels. However, if NIFTY trades below 25,315 / 7,558 levels for the first half-an-hour of trade then it may correct 25,211 - 25,026 / 7,523 - 7,463 levels.


European regulator lifts drug export ban from Ranbaxy Laboratories Toansa plant

European health regulator today lifted suspension imposed on export of drugs produced at Ranbaxy Laboratories Toansa plant to the EU stating medicines produced at the site posed no risk to public health despite having a number of manufacturing deficiencies.

In a statement, the European Medicines Agency (EMA) said European regulatory authorities have finalised their assessment of reported non-compliance with Good Manufacturing Practice (GMP) at the Toansa plant. There were a number of GMP deficiencies at the concerned site; assessment of all available information has reassured European regulators that there has been no risk to public health from these deficiencies. As a consequence, the EU authorities will reinstate the GMP certificate which was suspended in January 2014. The certificate will be re-entered into EudraGMDP, the EU database that contains GMP certificates, EMA added.

Ranbaxy had voluntarily suspended exports from the Toansa plant to the EU in January 2014 after US Food and Drug Administration (USFDA) had banned the company from exporting drugs produced at the plant to be sold in the US. The assessment of the Toansa facility by EMA followed an inspection by the USFDA, which revealed areas of non-compliance with GMP at the site.

The Toansa site had been supplying APIs (active pharmaceutical ingredients) for four centrally authorised medicines - Enyglid (repaglinide), Repaglinide Krka (repaglinide), Repaglinide Teva (repaglinide), and Nevirapine Teva (nevirapine) -and several non-centrally authorised medicines. Two GMP certificates have been issued by EU authorities - one covering APIs that are used in medicines authorised in the EU and a second certificate covering an intermediate of a finished medicine authorised in the EU. Suspension of export to EU from the company other plant at Dewas in Madhya Pradesh, however, remains. The news is positive for the company, and has come after a lot of negative news flows on the regulatory fronts. We remain neutral on the stock.


Economic and Political News

- Panel meet on coal supply to end-use plants next week

- IndiaRs. manufacturing, services growth outpaced China in May: HSBC

- Tamil Nadu to add 1,000 MW of wind energy

- IndiaRs. trade deficit with China mounts to $9bn

- Russia to offer investments to India for projects, JVs

- FDI in services sector drops 54% in 2013-14

- FIIs pump Rs.20,000cr in debt market in May, best show in 29 months

- Sebi seeks parity for pension funds; wants PSU cash in MFs

- Slowdown forces top companies to save; cash reserves up 12% in FY1 4


Corporate News

- GAIL offers to sell US gas at cheaper rate than LNG from Qatar

- Strides Arcolab gets FDA approval to market skin disease drug in US

- SAIL to double Rourkela capacity as current expansion ends

- GM launches Spark limited edition priced up to Rs.3.99 lakh

- Government initiates Hindustan Zinc valuation process

- Voltas: Upside from urban domestic market revival

- Bajaj Electricals decides to focus on export, rural markets

- RINL signs power purchase pact with PTC India